Love's Travel Stops & Country Stores Inc.
07/29/2024 | Press release | Distributed by Public on 07/29/2024 10:12
Love’s grows financial services business with factoring acquisition
Adds more than 500 freight factoring customers from REV Capital's U.S. transportation book of business
OKLAHOMA CITY, July 29, 2024 - Love's Financial is welcoming hundreds of new financial services customers with the acquisition of the U.S. transportation factoring portfolio of REV Capital. During Love's Financial's 10th anniversary year, the deal aligns with Love's plans to grow its financial services business and offerings. The acquisition closed Friday, and terms of the agreement were not disclosed.
"During a challenging freight market, this acquisition underscores Love's commitment to grow strategically as a leader in helping owner operators and fleets of any size grow their business," said Shane Wharton, Love's president. "These new clients can expect the same best-in-class customer service Love's existing customers have come to expect, with scalable funding to maximize growth and cash flow."
Through the acquisition process, the more than 500 customers in REV Capital's U.S. transportation factoring portfolio transitioning to Love's Financial will not experience any disruptions or delays in funding.
REV Capital has been long recognized as innovators and experts in managing cash flow for a diverse range of clients. The company looks forward to their next phase as a leading provider of commercial finance solutions across North America. With a shared value in service excellence, Love's was a confident fit for the transition of REV's U.S. transportation portfolio.
"It was important that if we were to strategically exit a market, our impacted client base would be met with the same customer centric ethos. This is why we chose to engage with Love's Financial," said Loren Shifrin, founder and CEO of REV Capital.
Love's new clients gain access to additional bundled services at Love's nationwide network of travel stops, including fuel discounts, a no-fee credit line on Love's Express Billing Program, and access to emergency roadside service, light mechanical services, lube and preventative maintenance at Love's Truck Care and Speedco. More information about Love's financial services can be found at lovesfinancial.com.
About Love's
Love's has been fueling customers' journeys since 1964. Innovation and perseverance continue to lead the way for the family-owned and -operated business headquartered in Oklahoma City with more than 40,000 team members in North America and Europe. The company's core business is travel stops and convenience stores with 648 locations in 42 states. Love's continues its commitment to offer products and services that provide value for professional drivers, fleets, four-wheel customers, RVers, alternative fuel and wholesale fuel customers. Giving back to communities Love's serves and maintaining an inclusive and diverse workplace are hallmarks of the company's award-winning culture. To find out more about Love's, follow us on social or apply for a job, click here.